The HBTC is a non-refundable tax credit for certain homebuyers who acquire a qualifying home after January 27, 2009, that is - closing after this date. For 2009, the credit will be $750. Who is eligible for the HBTC? You will qualify for the HBTC if: - You or your spouse or common-law partner acquire a qualifying home; - You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years. What is a qualifying home? A qualifying home is a housing unit located in Canada. This includes existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, as well as apartments in duplexes, triplexes, fourplexes and apartment buildings all qualify. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. As well, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after buying it. |